Rand strengthens against dollar as Ramaphosa wins re-election

The rand strengthened by more than 2% against the dollar on Monday after Cyril Ramaphosa won re-election as ANC president.

The local currency, which opened trade at 17.55 rupees to the greenback, changed hands at 17.22 rupees shortly after noon on news that Ramaphosa had won a second term.

Ramaphosa got 2,476 votes to 1,897 for his rival, former health minister Zweli Mkhize.

The rand also strengthened by more than 1% against the pound and the euro.

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